Fincentric and Verafin provide automated anti-money laundering and fraud detection software for financial institutions
Vancouver, BC, September 20, 2006 – Fincentric Corporation and Verafin, a provider of anti-money-laundering and fraud detection solutions for financial institutions, have signed an agreement to provide Fincentric Wealthview Banking™ customers with automated compliance reporting capabilities in Canada. This strategic partnership offers banks and credit unions a comprehensive new software solution that seamlessly integrates retail banking systems with anti-money laundering and fraud detection resources.
Fraud detection capabilities address growing industry concerns such as debit card and cheque fraud. Fincentric Wealthview Banking™ will extract and transmit information directly into Verafin software. This information includes suspicious activity identification such as large cash transaction reporting, terrorist list checking and fraudulent activity exposure.
"This is an important strategic relationship for us," said Robert Nygren, President and CEO of Fincentric. "Our core retail banking solution is already an undisputed market share leader in Canada. With this Verafin partnership, we have achieved another significant milestone that enhances Wealthview Banking™. By integrating Verafin software, our system will improve efficiency in banks and credit unions and lower the costs of compliance."
Fincentric and Verafin will participate together in new product development, align development processes, like integrated quality control environments, coordinate product releases and allow each other to take advantage of new product functionality. In addition, Fincentric and Verafin will conduct joint marketing and sales initiatives for Canadian financial institutions.
"This partnership combines Fincentric's extensive experience in implementing core retail banking systems with our expertise in providing customer intelligence solutions," said Jamie King, President, Verafin. "The combined strengths of our teams can help financial institutions achieve their strategic objectives, such as deploying state-of-the-art anti-money-laundering and fraud detection capabilities and increasing profitability across all segments of our customer-base."
About Verafin
Verafin is a software company that specializes in anti-money-laundering and fraud detection solutions for the financial services industry. Their product suite is an innovative solution that combines advanced artificial intelligence technologies with sophisticated pattern recognition techniques. It facilitates compliance with international anti-money laundering laws and protects financial institutions against banking fraud. Verafin has customers in both the United States and Canada, where it is the market leader for Canadian credit unions. Visit Verafin online at www.verafin.com
About Fincentric Corporation
Fincentric Corporation is a leading provider of core retail banking and customer value management software to the global financial services industry. Fincentric's Leadbuilder enables financial institutions to leverage customer knowledge to deliver personalized service and product offers, and develop profitable customer relationships. Fincentric has strategic alliances with Microsoft and Intel, and supports financial institutions in over 20 countries. For more information about Fincentric, please visit www.fincentric.com.
Media Contacts:
Denise Hutchings
Verafin Inc.
Tel: 709.368.9986
denise.hutchings@verafin.com
Ruxandra Aldea
Fincentric Corporation
Tel: 604.214.4988
raldea@fincentric.com
™Fincentric is a trademark owned by Fincentric Corporation, used under license. 360º View™ is a trademark owned by inBusiness Services, Inc., used under license. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
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